aj485’s Activity

Yesterday

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Boards Post

aj485 replied to the Bonds & Fixed Income Investments board. 1:54 PM

Re: Should I pay off mortgage?

I currently have a previous residence that is currently being rented out in AZ and only has 4 yrs of mortgage left. I plan to return and/or retire out there sometime in the next 3-6 yrs. (Maybe move back into the home and stay, or at least remove [more]

Fri Apr 29

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Boards Post

aj485 replied to the Tax Strategies board. 9:25 PM

Re: Loss of residence cap gains exemption on hom

If this helps at all, Maryland was our primary residence through all of 2012--it's just that the state has a provision for "part-year" residents and we took advantage of that for the last 45 days of 2012. Florida has been our primary [more]

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Boards Post

aj485 replied to the Tax Strategies board. 7:37 PM

Re: Loss of residence cap gains exemption on home

Because we retired to Florida in November 2011 and chose it as our primary residence, we will lose access to the "up to $500,000" cap gains exemption on our Chevy Chase, Maryland (a good market for real estate) home this [more]

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Boards Post

aj485 replied to the Bonds & Fixed Income Investments board. 12:09 AM

Re: Should I pay off mortgage?

I have jumbo mortgage fixed at 2.875% for the next 5 years, and I also have cash and securities with which I can pay it off and have something left.

The question is should I pay off the mortgage in part (in full) now, or try to beat that
[more]

Thu Apr 28

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Boards Post

aj485 replied to the Tax Strategies board. 8:06 PM

Re: Draw from IRA or Investment Acct?

I always thought that it is best to first withdraw money from my taxable account, but now I am not so sure.
As I see it, right now I have very little taxable income (stock dividends etc, but when I am 70 I will have to take the RMD from my IRA
[more]

Tue Apr 19

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Boards Post

aj485 replied to the Credit Cards and Consumer Debt board. 1:11 PM

Re: Credit card processing

Evalon's rates are less, but there is a min. of $20.00 per month about half the months we didn't reach that min. with our current service. Our business is pretty seasonal.
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That $20.00 min. monthly eats up a lot for
[more]

Mon Apr 18

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Boards Post

aj485 replied to the Credit Cards and Consumer Debt board. 6:17 PM

Re: Credit card processing

Does anyone have a suggestion for a credit card processor?

Since you are in WA (aka the land of Costco) have you looked at what Costco offers their members? [more]

Sun Apr 17

NL

Boards Post

aj485 replied to the Tax Strategies board. 12:31 PM

Re: Preparing returns for MLP income for States

This is a single item of 'Gross Receipt' or 'Sales' for the MLPs. Perhaps there is a simpler way to submit the information to the relevant states without filling in complete tax forms.

It depends on the state. You may or may not have [more]

Sat Apr 16

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Boards Post

aj485 replied to the Credit Cards and Consumer Debt board. 8:16 PM

Re: Costco Amex changing

I LOVE it when Internal <Eyes Only> commercial communications get leaked into the mainstream. The potential trade is short COSTCO/American Express buy Visa(R).

That 'potential trade' is long gone. This has been publicly [more]

Fri Apr 15

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Boards Post

aj485 replied to the Retirement Investing board. 5:54 PM

Re: Is this possible?

Solely for the purpose of a backdoor Roth which can double as retirement and education savings.

Taxable accounts can be used for education, retirement or anything else that you want, so they are even more flexible than Roth accounts. [more]

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Boards Post

aj485 replied to the Retirement Investing board. 5:41 PM

Re: Is this possible?

But at this time, I'm more focused on the back door Roth. We are still in accumulation mode for at least another five years.

Why are you so focused on the back door Roth? Qualified withdrawals (to avoid the 10% penalty) from Roth IRAs [more]

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Boards Post

aj485 replied to the Retirement Investing board. 5:05 PM

Re: Is this possible?

I don't have that much money in the IRA's, sadly. Equal payments spread over decades would not get me very far. I have 3 separate IRA's with 10-15k each.

I have asked before, and I will ask again - are you really ready to retire from [more]

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Boards Post

aj485 replied to the Retirement Investing board. 12:37 AM

Re: Is this possible?

Surprises me because if I take money out of the IRA before 59.5, I have to pay a penalty.

Not if you do SEPP (Substantially Equal Periodic Payment) withdrawals. However, those withdrawals need to be kept up for a minimum of 5 years or [more]

Thu Apr 14

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Boards Post

aj485 replied to the Retirement Investing board. 7:59 PM

Re: Is this possible?

If it is possible, can someone help me out with a link?

Yes it is possible. Here's a link from the IRS:
[more]

Mon Apr 11

NL

Boards Post

aj485 replied to the Retirement Investing board. 9:14 PM

Re: Where do you park your E-fund?

If one is planning to establish a source of emergency funds with credit and not cash, I recommend a personal line of credit or a home equity line of credit.

Having worked for a company that cancelled or significantly cut (often to $0 [more]

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Boards Post

aj485 replied to the Fools and Their Money board. 7:46 PM

Re: Deficiency judgments

Last year, a former residence that my ex and I had was purchased by the same bank that had the note, for ~250k. Our original balance on the property was ~225k.

What was the balance of the loan when payments were stopped? How much was [more]

Sun Apr 10

NL

Boards Post

aj485 replied to the Credit Cards and Consumer Debt board. 1:45 AM

Re: How can one approach fixing a bad credit score?

I have isolated my outstanding open debts that are hurting my credit. So at this point is it better to do a seek and destroy mission and pay each debtor/collector individually? or consolidate the debt into a single payment? (roughly $10,000 total [more]

Sat Apr 9

NL

Boards Post

aj485 replied to the Tax Strategies board. 7:49 PM

Re: TO CONVERT IRA TO ROTH OR NOT?

1. It would be nice not to have to worry about a yearly RMD.

Most brokerages can set that up to be an automated regular payment, so there isn't a lot of 'worrying' that needs to occur. My Mom gets a deposit to her checking account [more]

Fri Apr 8

NL

Boards Post

aj485 replied to the Tax Strategies board. 5:58 PM

Re: TO CONVERT IRA TO ROTH OR NOT?

We are a married couple,living modestly on Social Security. I am 74, husband is 72. Husband has a small IRA (12,000). We are considering converting this IRA to a ROTH IRA. But my husband is not convinced that we should do so. And I do realize that [more]

Thu Apr 7

NL

Boards Post

aj485 replied to the Tax Strategies board. 3:28 PM

Re: Sales Tax Deduction

If you do a major home improvement project under a fixed price contract, can you deduct the sales tax that the contractor presumably paid on materials? In this situation, is there any way to ascertain the amount to deduct without the contractor [more]

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Big gold star, 5000 posts Feste Award Nominee! Old School Fool
Board Posts 8956
Recs Received 32934
People who have rec'd these posts 1543
Recs to Posts Ratio (last 30 days) 6.10
Threads Started 161
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Most Frequent Board Credit Cards and Consumer Debt
Very First Post Re: Attention all Immigrants denied credit (6/17/1999)
Percentage of Posts Rec'd 91.96 %
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